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Attachments: Swiss Law and Dukascopy.com/Finex.com
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Swiss Law and Dukascopy.com/Finex.com

  • #1
  • First Post: Jun 13, 2007 7:42pm Jun 13, 2007 7:42pm
HI,

(say)My name : Joe Bloggs

I have two swiss forex broker accounts, I a not a resident of Switzerland. Say I am from USA.

BROKER1 : Finex.com, Account in the name of : Joe Bloggs
BROKER2 : Dukascopy.com, Account in the name of : Joe Bloggs

Both accounts required notorized identification of Passport photo's ( ie a Lawyer putting a red stamp on the ID to prove that my ID is what it is ).

The Issue/Question: I wish to wire funds from one swiss broker to the swiss other. Finex.com tells me that this is not allowed, as it breaches swiss law. I cant believe it, that I must wire funds back to USA from Finex, then back to second swiss broker Dukascopy. Is this for real, have Finex.com got it wrong ??

NO matter if the second broker is SWISS or not, if the sending and receiving account are in the same legal name whats the big deal. I had no trouble sending monies from Forex broker in the USA to another Forex broker in the USA.

Any advice on this one, thx.
.
  • #2
  • Jun 13, 2007 8:00pm Jun 13, 2007 8:00pm
Quoting Digs
HI,

(say)My name : Joe Bloggs

I have two swiss forex broker accounts, I a not a resident of Switzerland. Say I am from USA.

BROKER1 : Finex.com, Account in the name of : Joe Bloggs
BROKER2 : Dukascopy.com, Account in the name of : Joe Bloggs

Both accounts required notorized identification of Passport photo's ( ie a Lawyer putting a red stamp on the ID to prove that my ID is what it is ).

The Issue/Question: I wish to wire funds from one swiss broker to the swiss other. Finex.com tells me that this is not allowed, as it breaches swiss law. I cant believe it, that I must wire funds back to USA from Finex, then back to second swiss broker Dukascopy. Is this for real, have Finex.com got it wrong ??

NO matter if the second broker is SWISS or not, if the sending and receiving account are in the same legal name whats the big deal. I had no trouble sending monies from Forex broker in the USA to another Forex broker in the USA.

Any advice on this one, thx.
.
You can wire it to a bank account in Switzerland. fly to switzerland, physically withdraw the money, open a new bank account (secret account), tranfer the money to a broker, make profits and not pay taxes on them.
This of course is illegal.
Good luck.
  • #3
  • Jun 13, 2007 8:31pm Jun 13, 2007 8:31pm
I dont not want to do anything illegal or avoid taxes. I just wish to avoid transfering monies back to the home country, then back to trading country.
  • #4
  • Jun 13, 2007 8:46pm Jun 13, 2007 8:46pm
Quoting Digs
I dont not want to do anything illegal or avoid taxes. I just wish to avoid transfering monies back to the home country, then back to trading country.
Contact Hibbiz. Forex Factory Screen name: Highway300. That's what he does for a living. He will know the definite answer. Aren't you glad forexfactory hosts some interesting people!
Also, check out his website.

www.hibbiz.com
  • #5
  • Jun 14, 2007 4:56am Jun 14, 2007 4:56am
Hi Dig,

I will try to answer your PM here.

Yes, no broker want to risk their operating license. The anti laundering law is strictly being enforced. Second reason for them doing it is - security. If they send it back to the account where it came from, they can be sure that you are the right person too. The best way to go around it legally
is open a Swiss bank account. Fund your account from it for at least one time. That way they know it is your swiss account.
The advantages of doing it is that internal transfer within Switzerland should be cost free too. Once you have a swiss bank account, get the free telebanking service form the bank and you can transfer at will from your PC to where you want all over the world. International transfer will cost about $40 but as said, within Switzerland - commision free.
All is legal within international law. For your taxes, it is up to you to declare it to your local authorities. Within Switzerland you do not pay any income taxes here.
Banks here are safe. Swiss governement guarantees a Chf30'000 inssurance on your deposit. If any swiss bank goes down, you can be assured that a lot of buyers will offer to buy up that bank. I personally would not worry about that at all.
Transfere from broker to broker certainly will not work.
Try also to open your swiss bank account that is the same as your broker. Actually it does not matter.
Hope that helps.
  • #6
  • Jun 14, 2007 5:20am Jun 14, 2007 5:20am
Word of warning: Finex is a very new firm, operated by some of the same guys that ran neuimex.com, a swiss FX MT4-broker, that went under earlier this year. Its still not clear how much of their funds(if anything) neuimex customers will get back. Looks like after their last outfit got closed down they have a new shop running now. Take caution.
  • #7
  • Jun 14, 2007 5:29am Jun 14, 2007 5:29am
Quoting shrike
Word of warning: Finex is a very new firm, operated by some of the same guys that ran neuimex.com, a swiss FX MT4-broker, that went under earlier this year. Its still not clear how much of their funds(if anything) neuimex customers will get back. Looks like after their last outfit got closed down they have a new shop running now. Take caution.
That is a good precaution
Take note. I had not heard of Finex before
  • #8
  • Jun 14, 2007 8:19am Jun 14, 2007 8:19am
Quoting shrike
Word of warning: Finex is a very new firm, operated by some of the same guys that ran neuimex.com, a swiss FX MT4-broker, that went under earlier this year. Its still not clear how much of their funds(if anything) neuimex customers will get back. Looks like after their last outfit got closed down they have a new shop running now. Take caution.
some proof ?
  • #9
  • Jun 14, 2007 2:22pm Jun 14, 2007 2:22pm
An Update...

I asked this question via email to Dukascopy..

..."I have two SWISS forex accounts.
BROKER1 : Finex.com , Account name : Ian McVicar
BROKER2 : Dukascopy.com, Account name : Ian McVicar

I wish to transfer monies between accounts via BANK
WIRE. Both account were opened up via notorised ID
demands.Can I do this with you ?

Please advise.".....

The response from Dukascopy was ...

..."That is not a problem to transfer from broker to broker as long we will see that the wire will come from the account with your name. Also, in case we wouldn't see that the account is your name, please ask your brokerage just to send me an e-mail to confirm it. "...

But Finex.com wont play ball.

QUESTION : Is there any website or documentation that I can educate Finex.com with how the law should be executed ?
  • #10
  • Jun 14, 2007 4:09pm Jun 14, 2007 4:09pm
Quoting Digs
..."That is not a problem to transfer from broker to broker as long we will see that the wire will come from the account with your name. Also, in case we wouldn't see that the account is your name, please ask your brokerage just to send me an e-mail to confirm it. "...
But Finex.com wont play ball.

QUESTION : Is there any website or documentation that I can educate Finex.com with how the law should be executed ?
I don't think it has anything to do with education. Finex.com has a PDF form right on their website to wire funds from other brokers to them for funding your account. If they will except money that way then their refusal to send money looks like a plan to keep customer accounts. Does Dukascopy have a form they can send to a broker requesting transfer after you sign it? Have you asked them why they except incoming wire transfers from other brokers to fund an account if it is against the law?

This is the wording on the Finex form you can sign that they send to other brokers.
Quote
In connection with the undersigned customer (“Customer”) having agreed to open an account with Finex, for the
trading of overthecounter spot, forward, and options contracts for foreign currency (collectively, “foreign currency
contracts”), Customer hereby authorizes Finex, to present this document at its discretion to Customer’s current foreign
currency broker (“Broker”), whose name and address are set forth below, requesting the immediate transfer of
Customer’s account to Finex. Upon presentation of this document by Finex, Broker is hereby directed to close out all
open foreign currency positions held by Customer and transfer immediately to Finex all funds, securities, or property
deposited in such account to margin, or to secure such positions. Finex is further directed to send Customer a
confirmation of the transfer.
  • #11
  • Jun 14, 2007 4:18pm Jun 14, 2007 4:18pm
..."transfer immediately to Finex all funds"...

Yes I have seen that, that refers to 100% transfer of funds from a broker. NOT a partial transfer of funds.

I am asking there back office people if I have a a USA broker send them monies from an account in my name, why cant they send monies back to the same broker. Watch this space.

Seams they are a little new to this game.
  • #12
  • Edited 6:03pm Jun 14, 2007 5:52pm | Edited 6:03pm
Quoting Digs
An Update...

I wish to transfer monies between accounts via BANK
WIRE. Both account were opened up via notorised ID
demands.Can I do this with you ?

Please advise.".....

The response from Dukascopy was ...

..."That is not a problem to transfer from broker to broker as long we will see that the wire will come from the account with your name. Also, in case we wouldn't see that the account is your name, please ask your brokerage just to send me an e-mail to confirm it. "...

But Finex.com wont play ball.

QUESTION : Is there any website or documentation that I can educate Finex.com with how the law should be executed ?
The Swiss law does not forbid transfer. It says that the financial instituition must verify the legality of the money's origin. Since you have proved that through the steps taken, Dukascopy has no problem taking in that fund you want to transfer from Finex.

On the side of Dukascopy, if you have any problems, contact SKYPE ID : Dyalei
She can help you. Just say Hibbiz sent you.

The only law that can oblige Finex to comply is your contract. The contract is the legal agreement between you and Finex. Is that condition of transfer CLEARLY written ? A judge can only decde on that.
The extract from Nvine shows only that Finex can act on your behalf to request another broker to send the funds into your account. NOT SEND OUT.
  • #13
  • Edited 6:27pm Jun 14, 2007 6:06pm | Edited 6:27pm
Thanks for response..

What if I have a swiss bank account ? Will Finex be obliged to allow funds to a local swiss bank ?

A former post on this thread, suggest that you can open one for me ?

Of course, I would want to be able to initiate wires from and to this account, dunno how to do that !!
  • #14
  • Jun 14, 2007 6:41pm Jun 14, 2007 6:41pm
Quoting Digs
Thanks for response..

What if I have a swiss bank account ? Will Finex be obliged to allow funds to a local swiss bank ?
It is what is written in your contract with Finex that counts. The law can only act on what is being CLEARLY written.
Concerning the swiss bank account, attached is a pdf. Unfortunately I have only with me now in French.
Anyone ( in his right mind ) can open a swiss bank account. You can just hook on through the internet to any swiss bank. You can ask to get the forms through e-mails or through the phone. The procedure is simple.
Just google swiss banks and see which one to choose from with the following in mind.
1 Telebanking or internet banking.
2 Service charges per year ( get one that has no charges if possible )
3 Types of account - savings, current etc.
4 Can account be also in other curriencies beside Swiss francs. ( Note: Foreign curriencies don't usually give interest )

Most banks correspond in English. You should not have any problems. You don't need any further assistance unless you want a "secret" account.
Good luck
Attached File(s)
File Type: pdf faq-comptes-03-07-30.pdf   49 KB | 969 downloads
  • #15
  • Jun 14, 2007 7:51pm Jun 14, 2007 7:51pm
Quoting Digs
I will have to speak to Finex.com directly to see what I am bound by in the contract.


http://swiss-bank-accounts.com/e/index.html

I want to do this to aviod currency conversions and other time consuming hassles.
Yes they are OK. But if you want to have a better exchange rate try to get your local currencies exhanged already at your local bank. Otherwise, you cannot be sure what you are offered. Service charges can be tricky and high.
The most economic and SAFE way is contact a bank yourself. When you send your funds by SWIFT etc, your bank can verify if you are really sending it to a bank and not some scams.
Doing it yourself, you know who to contact when you need something.
  • #16
  • Jun 14, 2007 8:15pm Jun 14, 2007 8:15pm
Can you give me 5 swiss banks that I can check out..

UBS and Credit Suisse dont seam to allow wire transfer via internet banking. Well not that I can see, anyways.

Thanks for help...
  • #17
  • Jun 14, 2007 9:02pm Jun 14, 2007 9:02pm
Quoting Digs
Can you give me 5 swiss banks that I can check out..

UBS and Credit Suisse dont seam to allow wire transfer via internet banking. Well not that I can see, anyways.

Thanks for help...
The following are states banks - Switzerland has 25 states in a small country. Your deposit are guaranteed to a certain extend by the stated and country of Switzerland. They are safe. Just try to compare the charges and sevice facilities you need. The major states are Zurich, Basel and Geneva.
http://www.google.ch/search?hl=fr&q=...he+Google&meta=

Internet transfer - this means you can give your order to the bank via internet and they will transfer your money. Within Switzerland - Free in Swiss Francs.If you have the same bank as your broker it should also be free in foreign currencies. I think Dukascopy is using UBS. I would advise you to use UBS. They should have all the facilities you need. With telebanking, you can check your account anytime you wish.
  • #18
  • Jun 19, 2007 3:52pm Jun 19, 2007 3:52pm
The UBS people wanted $20,000 USD a mini deposit, too much monies for me to have sitting getting 3% pa, I have to find a smaller deposit requirement. They were keen enough tho !
  • #19
  • Jun 20, 2007 4:51pm Jun 20, 2007 4:51pm
Well what a drama opening an account with Dukascopy

they require
- Notorised copy of passport/ID
- Utility bill showing address
- Bank Letter of reference
- Explanation of funds deposited source

I will open a swiss bank account via a agent service at a latter date..
  • #20
  • Jul 1, 2007 6:55am Jul 1, 2007 6:55am
we have account with synthesis now.
Iam also looking to open an account with finex. Can u give any idea about this brokerage ?
My brother like ecn brokerage efx. Who is best ? where my fund is more safe ? Please post you experience with both brokerage. If u has faced any problem (related to these two broker) like requoto, sl hunting, position closing, withdrawl money or other, please post it here. Both offering mini account ( efx- $400 and fines $200 ). Well my favorite is swiss brokerage but i donot want to ignore ecn. It make me confuse who is best ? please ur comment. Please guide me.
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